Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill and Other Intangible Assets, Net

Goodwill

Changes in the carrying amount of goodwill by operating segment during the nine months ended September 30, 2026, consisted of the following (in thousands):

	Array Legacy Operations(1)		STI Operations(2)		Total
Balance, December 31, 2025	$	135,173	$	—	$	135,173
Goodwill acquired–AWM	91,082		—		91,082
Measurement period adjustment–APA	5,510		—		5,510
Balance, September 30, 2026	$	231,765	$	—	$	231,765

(1) Goodwill attributable to Array Legacy Operations is net of cumulative impairments of $51.9 million.

(2) Goodwill attributable to STI Operations is net of cumulative impairments of $338.6 million

As discussed in Note 3 – Acquisitions, on the AWM Closing Date, the Company acquired AWM. A preliminary goodwill balance of $91.1 million was recognized for the excess of the consideration transferred over the net assets acquired. Goodwill resulting from this transaction has not yet been allocated at the reporting unit level. Goodwill will be allocated to the appropriate reporting unit during the measurement period once the Company has completed its analysis of the impact of the acquisition on its reporting units.

During the nine months ended September 30, 2026, the Company recorded a $5.5 million increase to goodwill as a measurement-period adjustment associated with the APA Acquisition. The adjustment primarily reflects refinements to the preliminary purchase price allocation related to a pre-acquisition sales and use tax exposure identified during the measurement period.

The Company tests goodwill for impairment annually or more frequently if facts or circumstances indicate that it is more likely than not that the fair value of its reporting units is less than its carrying value, which would require the Company to perform an interim goodwill impairment test. The Company did not identify any indicators of impairment as of September 30, 2026.

Long Lived Assets

The Company assesses long-lived assets classified as “held and used,” including property, plant and equipment, lease assets and intangible assets for impairment whenever events or changes in circumstances arise, including consideration of technological obsolescence, that may indicate that the carrying amount of such assets may not be recoverable.

As of September 30, 2026, no events or circumstances were noted that would indicate that the carrying amount of any of Array Legacy Operations or STI Operations assets may not be recoverable.

Other Intangible Assets, Net

Other intangible assets, net consisted of the following (in thousands, except useful lives):

	Estimated Useful Lives (Years)	September 30, 2026		December 31, 2025
Amortizable:
Developed technology	5-14	$	243,800	$	225,800
Computer software and other	3-5	33,799		29,285
Customer relationships	5-10	264,135		230,660
Backlog	1	29,971		22,635
Trade name	10-20	35,544		27,139
Total amortizable intangibles		607,249		535,519
Accumulated amortization:
Developed technology		154,187		139,669
Computer software and other		18,299		16,046
Customer relationships		142,683		127,301
Backlog		22,638		20,447
Trade name		5,104		3,777
Total accumulated amortization		342,911		307,240
Total amortizable intangibles, net		264,338		228,279
Non-amortizable:
Trade name		10,300		10,300
Total other intangible assets, net		$	274,638	$	238,579

Amortization expense related to intangible assets was $12.1 million and $10.6 million for the three months ended September 30, 2026 and 2025, respectively, of which $6.2 million and $4.4 million, respectively, was included in Amortization of developed technology and backlog, a component of cost of revenue, and $5.9 million and $6.2 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Amortization expense related to intangible assets was $38.1 million and $27.9 million for the nine months ended September 30, 2026 and 2025, respectively, of which $17.4 million and $11.7 million, respectively, was included in Amortization of developed technology and backlog, a component of cost of revenue, and $20.7 million and $16.2 million, respectively, was included in Depreciation and amortization, on the accompanying condensed consolidated statements of operations.

Estimated future amortization expense of intangible assets as of September 30, 2026, is as follows (in thousands):

	Amount
Remainder of 2026	$	15,014
2027	57,112
2028	51,631
2029	51,631
2030	41,064
Thereafter	47,886
	$	264,338